EastGroup Properties replaces $625 million credit facility, extends maturity to July 2028
EastGroup Properties entered a Sixth Amended and Restated Credit Agreement on June 13, 2024, replacing its existing $625 million unsecured revolving credit facility and repaying all outstanding obligations under the prior agreement. The new facility also carries a $625 million accordion feature and an initial maturity of July 31, 2028, and the company separately extended its working cash line on the same terms and date.
- New credit facility allows borrowings of up to $625 million, with an initial rate of SOFR plus 0.765%, equal to 6.10% at June 13, 2024
- Initial maturity is July 31, 2028, with two six-month extensions at the company's option
- Covenants include total liabilities to total asset value of 60% or less and a fixed charge coverage ratio of at least 1.50:1.00
- Working cash line with PNC Bank was extended to July 31, 2028 under substantially the same terms